Cyber security consulting helps you protect your company’s important information, increase workers’ productivity, have peace of mind, and keep your company up and running while lowering your costs.
What is cyber security consulting?
Cybersecurity consulting is a packaged service provided by experts to help organizations protect their data and technical systems against cyber threats.
This service typically includes aligning cyber security features to business priorities; installing a zero trust ecosystem as the business transforms; and understanding and responding to emerging threats.
These responses may involve providing IT solutions to prevent and remedy hacking, theft, or data breach incidents.
Cybersecurity consulting firms use cutting-edge strategies and technologies aimed at thwarting attacks, recovering data, and restoring customer confidence.
In addition, some firms offer managed security services, advanced analytics, intelligent automation, and even training programs to address talent shortages in the field. They work with businesses to create a digital security foundation, safeguarding both business and consumer data.
Why do businesses need cyber security consulting?
Cyber security consulting statistics every business should know:
- In 2020, there were 1.13 billion malware programs, with this number continually increasing.
- Small private companies are the primary targets, accounting for 70% of cybercrime incidents, according to the National Cyber Security Alliance.
- Many small businesses underestimate the risk, adopting a “It won’t happen to me” attitude, which leaves them vulnerable to cyber attacks.
- One in every five small businesses reported being victims of cybercrime last year, per the National Cyber Security Alliance.
- The average ransomware demand is around $84,000, with each incident causing over $100,000 in losses and more than 25 hours of downtime, as reported by Osterman Research and MSSP Alert.
Cyber security consulting protects the backbone of your business. Computer systems have now become a major component of businesses. All the vital information in sales, finance, HR, and manufacturing or operations go through your IT systems. Cyber security consulting protects the most important aspect of business.
It protects valuable information. The cyber landscape is inhabited by sophisticated cybercriminals with malicious intent of extracting valuable information. These actors target personally identifiable information and sell them underground in criminal networks for profit.
It saves you from bad reputation. The moment hackers breach into your system and access valuable data, you are at risk of being judged as “careless and incompetent.” There is no compassion. When authorities investigate your business and find out that you did not implement proper security measures, it may lead to a loss of customer confidence and a bad image in social media.
It protects you from fines and penalties. Disgruntled customers may confront you with multiple class-action lawsuits leading to an imposition of hefty fines and penalties that can destroy your business. One company enormously lost $575 million in 2017 when it exposed nearly 150 million personally identifiable information.
It shields you from other effects of cyber breaches. Data breaches have damaging effects beyond fines and damages, including network downtime, delays, piling of work, loss of deals, investigation fees, legal fees, IT restoration costs, and time-consuming efforts.
IT security consultants are often depicted as overly compensated and disengaged technical experts, but the reality is that their services are indispensable in safeguarding businesses from a myriad of digital threats. Their expertise is essential in maintaining the integrity of business IT infrastructure.
The Downfall of LabMD: A Cautionary Tale in Cyber Security Consulting
Michael Daugherty, former CEO of LabMD, faced a severe cybersecurity breach when an employee inadvertently exposed patient documents via file-sharing software, leading to external access and data theft. This breach resulted in significant fallout for LabMD, including the loss of clients, refusal of insurance renewal, and intense scrutiny from the Federal Trade Commission. Despite extensive legal efforts and internal scrutiny, the financial, emotional, and reputational damage forced Daugherty to declare insolvency, ultimately leading to the closure of his business.
Benefits of Cyber Security Consulting
The benefits of cyber security cannot be ignored because every business has a significant IT security need. The following are its key benefits:
Competitive advantage and social responsibility. As an IT security expert, I’ve observed that cyber security consulting not only enhances a business’s competitive edge but also establishes its social responsibility. Clients who prioritize robust cyber security measures not only protect their data and customer trust but also set industry standards, contributing to a safer online community for all.
Peace of mind 24/7. Cybersecurity offers around-the-clock peace of mind, ensuring that businesses are protected from potential threats at all hours. From my own experience, implementing strong cybersecurity measures allowed me to sleep soundly, knowing that our client data was secure even in the dead of night.
Significantly save time and reduce the hassles associated with managing complex technology systems. From my personal experience, several clients have expressed immense satisfaction, seeing how outsourcing their IT needs allowed them to focus more on core business activities, free from technical distractions.
Immediate backup and recovery are components of a robust IT strategy. I’ve seen firsthand how swift data restoration and recovery after a ransomware attack served as a lifeline for businesses.
It brings convenience by making daily tasks more efficient and hassle-free. It streamlines operations by ensuring systems run smoothly and securely.
Tap into a wealth of expertise from seasoned professionals. It ensures SMBs that advanced and effective security measures are in place. In my personal experience, businesses leveraged expert knowledge which significantly enhanced their security posture.
Cyber security streamlines the process of complying with various regulations, making it less burdensome for business owners. I’ve seen numerous clients transform their compliance challenges into strengths, effectively turning a rigorous regulatory environment into an opportunity for enhanced trust and market leadership.
Scale will confidence and efficiency. We had one healthcare client who had a basic security setup before expansion. But because of this new, robust security infrastructure in place, they were able to confidently approach new markets in Maine and Pennsylvania. The new system allowed them to expand without the risk of performance bottlenecks or security breaches.
Address issues unknown before. In my years of experience, I’ve seen how cyber security opens SMB owners’ eyes to vulnerabilities they never knew existed, safeguarding their digital assets in ways they hadn’t anticipated. For instance, a client of mine in Jupiter, NJ had a critical loophole in their network which owners are usually unaware of – the Server Message Block (SMB) protocol. While it has made telework easier, poorly secured ones can be an open invitation for attackers.
Protect your finances. In my career, I’ve assisted numerous SMB owners who, through proactive cyber security measures, have successfully thwarted potential financial breaches, saving not just their revenue but also their hard-earned reputation.
Retire early. I’ve witnessed several clients who, thanks to the power fo foresight and strategic planning, have been able to secure their businesses’ futures, affording them the luxury of contemplating early retirement.
Features of Cyber Security Consulting
Cybersecurity consulting often involves the following features to identify vulnerabilities and intelligently remedy the problem.
Developing a Cyber Security Strategy. This typically involves the following: (a) an document outlining the procedures of the assessment; (b) methods and tools to collect data such as spyware analysis, manual interviews, penetration testing, and entry point analysis; (c) the design of your current environment and the complexity of the business; (d) compliance requirements relevant to your business; (e) scanning resources that remain unprotected, identifying company practices or culture that needs to be addressed; (f) a report on how much money you’ll lose if your data is compromised; (g) Recommended actions such as directing resources more efficiently and strategic actions.
Penetration testing. This process simulates a cyber attack against a computer system to check exploitable vulnerabilities. Its goal is to assess the extent of the severity of the discovered vulnerabilities and security risks. Penetration testing can be performed on various assets like servers, websites, databases, networks, or mobile applications.
Cyber security consulting involves a series of meetings which includes assessing the complexity of business, the areas to be covered, the budget allocation, and the team to work with.
Depending on the laws of each state, you may be obliged to inform your clients and even the public that a data breach has occurred. This requirement aims to ensure that affected parties can take appropriate action in response to data breaches.
Your competitors may celebrate over it while your customers may get furious and start looking for other providers. This could lead to a loss of trust in your business, and even your employees might start to blame you for the issues.
Your bank is not required to replace any monetary misfortunes due to cybercrime. Insurance companies will deny your claim unless you have a very special kind of insurance policy for cybercrime.
- More than 2 decades of IT security experience;
- Cross-platform coverage;
- Single point of contact;
- Lowers your operational costs with the best solutions;
- Easy-to-implement and sustainable IT security parameters;
- Option for continuous support;
- Automatic and manual monitoring services with immediate feedback and human touch
Apart from hackers from countries like China and Russia, disgruntled employees, including those from your company or vendors, pose a significant cyber threat. Their detailed knowledge of your systems and access to records make them potentially harmful.
Unauthorized taking of sensitive data. Disgruntled employees can take confidential company records and client data upon leaving, retaining access to cloud applications and storing sensitive information on personal devices. They may use or sell this data competitively or in their future employment.
Deleting data. Disgruntled employees often delete all accessible data upon termination or resignation due to dissatisfaction, leading to costly litigation and recovery efforts that often outweigh any potential gains from legal victories.
Understanding your risks in monetary vocabulary can be very beneficial when it comes to strategizing future business actions. The worst fear a business has is losing all of its money. With cyber risl consulting, nothing will blindside you.